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}A daily digest of opinions and analysisAll Things in Moderation, Including Wage Hikes As activists across the country “Fight for $15,” the results from Seattle’s wage-boosting experiment are in — and they’re not good. Megan McArdle says the city offers a case study in unintended consequences, as workers saw their earnings fall by $125 a month. Noah Smith, who generally supports minimum-wage hikes, says the new data is a sign advocates should go slow: If boomtown Seattle stumbles on a higher pay floor, imagine the harm in poorer parts of the United States.Why Banks Aren’t Likely to Bolt the U.K.London’s status as center of the financial universe seemed secure just a few years ago (no offense, New York), but now some expect Brexit to cause an exodus of City bankers to Frankfurt, Paris and Dublin. Count Satyajit Das among the skeptical: London may or may not continue in its historical role as a global finance capital, he says, but its competitive advantages are too many to discount. Gorsuch Wastes No Time Stirring Up TroubleJustice Neil Gorsuch quickly established himself as fierce rabble-rouser during his just-ended first term on the Supreme Court. Noah Feldman reads his dissent in a gay-rights ruling as a rallying cry for conservative resistance.The Supreme Court Is the Last Leakproof InstitutionThe last day of the term was full of news, as always, but none of it slipped out ahead of time. How did they manage that? Stephen Carter offers four reasons why the tight-lipped high court is so skilled at keeping secrets.What Jeff Sessions Gets Wrong About MarijuanaQuite a lot, actually, but let’s focus on medicinal cannabis: Scientists and doctors agree that it helps sick people, and it appears to limit opioid abuse. So why does Sessions want to fight it? Ashley C. Bradford and W. David Bradford warn that the AG’s drug-warrior stance will hurt more people than it helps. Before it’s here, it’s on the Bloomberg Terminal. Find out how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.Ritholtz’s ReadsMarkets have nothing left to fear but fearlessness itself (Bloomberg)2017 versus 2000: Are equities really in a bubble? (See It Market)In the long run, there’s no such thing as an Einstein investor (New York Times)(Read Barry Ritholtz’s full daily news roundup here.)Bloomberg GadflyPrivate equity should ease up on the stimulantsThe Senate health bill’s pain doesn’t end at MedicaidDon’t worry about pricey stocks. Worry about cheap ones.(Read more from BV’s sister site for fast business commentary.)Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022Web ● Facebook ● TwitterFeedback ● Unsubscribe

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